The Minister of Economy Kiril Petkov and the German manufacturer of electric cars eGo signed a memorandum for production in Bulgaria, which made the deal a reality.

The main production will be in Lovech, and the investment is for 140 million euros.

More than 1,000 jobs will be created. Many of the parts and components will also be produced in Bulgaria, Petkov explained. The aluminum construction and cables will be manufactured by factories located on Bulgarian territory.

"We need high added value, an export-oriented company, and to grow until Bulgaria becomes a hub for electric vehicles," he added.

"I cannot explain how excited I am, thanks to Minister Petkov for the leadership, vision and trust not only in our company, but also in German technology. We will enable people to drive affordable, clean and environmentally friendly cars, "said the company's director.

The project will be implemented within 2 years. More than 30,000 cars are expected to leave the plant each year.

"I believe there is nothing accidental about the dates. Exactly on this date 9 years ago the automobile cluster was established in Bulgaria. We are proud of what has been achieved over the years ", said Lyubomir Stanislavov - Executive Director of the Bulgarian branch.

3 modifications will be produced in Bulgaria. One of them has an innovative interior, larger batteries and more power. The car is a crossover, with higher off-road capability. The plant will be operational in the second half of 2023, our plan is ambitious and provides for the factory to be built in a short period of time.

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